Breaking NewsGlobeSt.com will be offline for scheduled maintenance Saturday July 24 5 AM US EST to 8:30 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

YPSILANTI, MI-Biltmore Properties has been selected to build a $90-million mixed-usedevelopment Downtown, near Eastern Michigan University. The city has purchased about one-third of the 34 acres, and is in negotiations for the other parcels.

“We’re going into the next phase of land acquisition. We have to complete appraisals and get ready to make some offers,” Brett Lenart, redevelopment coordinator for the city, tells GlobeSt.com. “The property was just a mixture of uses thatwere incompatible.”

The Water Street project property is bounded by US 12 to the north, the Huron River on the west and south and by Michigan Avenue to the east. It’s adjacent to the business district. Plans call for a 75,000-sf to 100,000-sf retail development and 25,000 sf of entertainment and restaurant space, along with about 400 units of residential housing, possibly condominiums or townhomes, Lenart says. “We’re in the process of writing the preferred development agreement, and gearing up for the public design meetings,” he adds.

Biltmore has assembled a design team of Looney, Ricks and Kiss of Princeton, NJ, Barton Associates, Hamilton Associates of Detroit and the Traverse Group of Ann Arbor. These firms will create plans that will be viewed by the public to decide the best use for the site, Lenart says. “The goal is to get mixed residential and commercial developments that will complement the downtown,” he explains.

This year will be used to gather data and create a schedule, and the design meetings will likely begin next year, Lenart says.

Biltmore beat out proposals from developers Burton Katzman and Demaria. However, Biltmore’s proposals are just temporary plans, Lenart notes. “The ideas were just based on concept plans, the public will decide what’s best,” Lenart adds.

The site, which now has some commercial properties and vacant parcels, is covered by a hodge-podge of zoning, Lenart says. Also, the infrastructure has fallen apart and lost its efficiency, he adds, and the current arrangement of properties makes it virtually undevelopable. The land will likely be rezoned through the planned unit development process.

A baseline development and other due diligence has been performed on the acquired parcels, he says.

“There have been some spots where some metals were found. The environmental cleanup will be most likely paid through a brownfield tax increment financing plan, pulling the new tax money from just that property,” Lenart says.The city’s economic development corporation has paid more than $1 million for the recently acquired parcels. Also, Ypsilanti received a $3.7-million grant from the state through the Clean Michigan Initiative program for the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.